FINANCIAL JOURNAL

IFRS 16 Lease Calculator IFRS 16 Lease Calculator ``` Lease Information Lease Description Commencement Date * Lease Term (years) * Annual Payment Amount * Payment Frequency ...

INCOME FROM BUSINESS - INDEX SPECULATION BUSINESS [19] A taxpayer carrying on a "speculation business", shall treat the same as a distinct and separate business from any other business carried on by the taxpayer. Incomes, gains or losses from a speculation business shall be kept separate from other business incomes.  Incomes from business are to be presented and separately dealt with under the following sub-heads:  1. Income from non-speculation business; and  2. Income from speculation business.  "Speculation business" means a business in which a contract for the purchase and sale of any commodity (including stocks and shares) is periodically or ultimately settled otherwise than by actual delivery or transfer of the commodity.  However, the following businesses are not included in "speculation business" [19(2)] :  1. A business in which a contract is entered into by a person to guard against loss through future price ...

Note: The following disscussion is in the light of Income Tax Ordinance, 2001 only and will be updated over a period of time The purpose of the following article is to create awareness regarding various types of routine correspondances/notices sent by FBR. The following list does not cover all types of notices but only routine and common proceedings. Although, it is always advised to hire a professional consultant to deal with the tax matters professionaly.  Following are the most common types of notices sent by the FBR: Notices relating to Annual Returns (114)/Statements (115) and Wealth Statements (116) 1) Notice to submit return of income for less than one year [Sec - 114(3)] The Commissioner may, by notice in writing, require a person, or a person’s representative, as the case may be, to furnish a return of income by the date specified in the notice for a period of less than twelve months, where - (a) the person has died; (b) the person has b...

Following extracts are relevant to below topics: Valuation of Property Income From Property Income From Capital Gains "230F. Directorate General of Immovable Property.—(1) The Directorate-General of Immovable Property, (hereinafter referred to as Directorate-General in this section, shall consist of a Director General and as many Directors, Additional Directors, Deputy Directors and Assistant Directors and such other officers as the Board may, by notification in the official Gazette, appoint. (2) The Board may, by notification in the official Gazette, specify the functions and jurisdiction of the Directorate-General and its officers. (3) The Directorate-General may, subject to the provisions and conditions as may be prescribed, initiate proceedings for the acquisition of property for the reasons and purposes specified in sub-section (4). (4) The proceedings under sub-section (3) shall be initiated, where the Directorate-General, on the basis of valuation made by...

CAPITAL GAINS Profit and gain arising from the 'disposal ' of 'capital assets ' is taxable under the head 'Capital Gains' [37(1)] The term 'Capital Asset' has been defined as follows: CAPITAL ASSET [2(10) & 37(5)) Capital asset means property of any kind held by a person excluding the following assets: 1. Any stock-in-trade, consumable stores or raw materials; 2. Any depreciable assets; 3. Any intangible asset on which amortization is allowed u/s 24; and 4. Any movable property held for personal use by the person or his family member dependent upon him.  However. the following assets shall be treated as capital assets : i) A painting , sculpture, drawing or other work of art; ii) Jewelry; iii) A rare manuscript, folio or book; iv) A postage stamp or first day cover; v) A coin or medallion : or vi) An antique. It may be noted that the property may or may not be held for the purpose of business. ...